E04: Build a Business, Leave a Legacy

Think about what is the vision, what is the legacy that you want to leave for them? It doesn't have to be a million dollars. It would be great if it was. But even if you just leave them $50,000, that's a big help for people, right? Nothing is too small. But if you don't start planning now, then it's going to be really hard to just find the money when you get there later.

- Asha Wilkerson, Esq.

Episode Summary:

To leave a legacy for future generations, we have to make sure that our businesses are financially sound and financially stable. We can do things right now in our business that will allow us to change the flow of money so we can pass wealth on to our children. In this episode, I share with you strategies to use your business to leave a legacy.

What You’ll Learn On This Episode:

  • [02:07] Statistics on who receives an inheritance
  • [03:12] Implementing a retirement plan
  • [05:41] Setting up to sell your business
  • [06:45] About tax-deductible business expenses
  • [07:14] Hiring your children as employees
  • [08:03] Having complete control and keeping money in your pocket 
  • [09:41] Creating a plan with a CPA or financial planner
  • [10:57] The three pillars for building and leaving a legacy

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